§ 46-25-65 — § 46-25-65. Credit of the state of Rhode Island.

Rhode Island § 46-25-65

• Jurisdiction: Rhode Island
• Title 46: Waters and Navigation
• Ch. 46-25: Narragansett Bay Commission

Text

§ 46-25-65. Credit of the state of Rhode Island.

Obligations issued under the provisions of §§ 46-25-58 — 46-25-66 shall not constitute a debt, liability, or obligation of the state or of any political subdivision thereof, other than the commission, or a pledge of the faith and credit of the state or any political subdivision, other than the commission, but shall be payable solely from the revenues or assets of the commission. Each obligation issued pursuant to §§ 46-25-58 — 46-25-66 shall contain on the face thereof a statement to the effect that the commission shall not be obligated to pay the obligation or interest thereon except from revenues or assets pledged therefor, and that neither the faith and credit nor the taxing power of the state or any political subdivision thereof, other than the commission, is pledged to the payment of the principal of or the interest on the obligation.

Legislative History

P.L. 1989, ch. 557, § 3.